Ulster Bank offers IT meltdown victims £20 compensation

Ulster Bank offers IT meltdown victims £20 compensation

Ulster Bank is offering the hundreds of thousands of current account holders hit by its IT outage earlier this year £20 in compensation each.

In June a bungled software update at RBS saw a huge payments backlog develop, causing chaos for its account holders and those of its subsidiaries NatWest and Ulster Bank.

The problems proved most serious for Ulster Bank customers, with many of the 600,000 affected not having their accounts rectified for several weeks.

Having already put aside around £27 million to cover costs, the bank has now set out the details of its plan, centring on a one off payment of £20 or EUR25 for any personal current account customers who visited and transacted at a branch between 19 June and 18 July "more frequently than in the equivalent period before the incident".

In addition, a three month waiver has been applied to fees, charges and interest. All fees, charges and debit interest charged in error will be refunded by the end of October and "reasonable" out of pocket expenses reimbursed. Customers have also been reassured that their credit ratings will not be affected.

Those that did not visit branches during the period but think that they have been put out should get in touch to discuss compensation.

The package has received a mixed response on Twitter: some derided the £20 figure:

But others were grateful for the cash:

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